Solana (SOL) Price Soars as Dogecoin Killer BONK Gains Popularity – Matic Network (MATIC/USD), Ethereum (ETH/USD)

Solana is emerging as an early winner as crypto investors begin planning their trading strategies for 2023 and aim to recoup the losses of the previous year. Backed by disgraced crypto mogul Sam Bankman-Fried, the Solana SOL/USD price experienced a record depreciation in value in the months leading up to the new year. However, the SOL token has now gained over 22% in just a few days entering 2023.

Solana (SOL) price jumps on BONK News

The price of Solana (SOL) hit a new low last week that had not been seen since February 2021. After more than nine days of consecutive losses, this pushed the price of the altcoin to around $8 on Friday, rose more than 12% in the last twenty-four hours on Tuesday.

BONK, a new memecoin with a Japanese watchdog theme, has been a major driver of the cryptocurrency’s price rise to #15, which has also recently seen a bull run of 380% in gains since launch. A Shiba Inu lookalike SHIB/USD which runs on the SOL blockchain has caused a stir and is currently trending on Crypto Twitter.

Wider market acceptance of BONK

As a result, Magic Eden – the largest NFT marketplace in the Solana network – is currently considering integrating BONK amid the mass exodus of builders flocking to Ethereum. ETH/USD or polygon MATIC/USD networks. Magic Eden hit by the latest canine memecoin craze, took to Twitter to ask whether or not they should incorporate the recently minted Solana-based cryptocurrency.

https://twitter.com/MagicEden/status/1610007500928991232

The cryptocurrency community as a whole reacted positively to the sudden rise in popularity of the new memecoin. Additionally, the fact that people can take advantage of free airdrops of the BONK token, provided by a number of well-known crypto celebrities and NFT collectors, has added more fuel to the price of the SOL token.

https://twitter.com/CryptoAnglio/status/1609979731453136897

BONK helps sink Solana

In the past twenty-four hours, Bonk’s on-chain volumes have reached over $19 million. Since its initial issuance on Dec. 25, Bonk was owned by more than 85,000 investors on Tuesday, giving it a market valuation of around $93 million. According to statistics collected over the past week, users have made over 500,000 transactions using bonk tokens.

Additionally, news from crypto exchange MEXC listing the Bonk token for trading with a USDT pair on Tuesday, further sparked interest from traders and investors.

As it stands, the Solana (SOL) price is currently trading at $13. This represents an increase of 4.84% in the last hour, compared to a whopping 22% in the last 24 hours according to the crypto market tracker. CoinMarketCap.